Brent October settles at $93.78 as Hormuz flows slide to 4.9 million bpd
AI Market Summary
Brent settled at 93.78 (+2.4%) as Strait of Hormuz crude transit reportedly collapsed (21.6 mb/d to 4.9 mb/d) and Iran's exports "virtually stopped", pushing the global balance deeper into deficit (2026 demand 102.7 vs supply 100.8 mb/d). The scale and chokepoint nature of Hormuz elevates near-term supply-risk premia across energy markets and can quickly transmit into inflation-sensitive assets.
Impact level
● High
Affected assets
NCCO1OILBRENT2USD/USDT+4.87%
AI Insight · NCCO1OILBRENT2USD/USDTAI Insight
▲ Bullish
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Brent October futures settled at $93.78 a barrel, up 2.4%, while WTI October settled at $86.83. Crude transiting the Strait of Hormuz fell sharply from 21.6 million barrels a day to 4.9 million. Iran’s central bank governor said the country’s oil exports have virtually stopped. Global production in 2026 is forecast at 100.8 million barrels a day versus consumption of 102.7 million, widening the supply shortfall.
